The global precision medicine market was valued at US$ 58.66 billion in 2022 and is projected to expand significantly with a CAGR of 9.95% from 2022-2031. The global precision medicine market is expected to witness a boost, owing to the wide range of applications in various disease areas and advancements in technologies.
Precision medicine (PM) is an approach to patient care that allows doctors to select treatments that are most likely to help patients based on a genetic understanding of their disease. Medicine involving a drug selection and dosage profiling in combination with clinical and molecular biomarkers can ensure the maximal efficacy and safety of the treatment. The major hindrance toward the development of such therapies is the handling of the “Big Data,” to keep the databases updated. Robust automated data mining tools are being developed to extract information regarding genes, variations, and their association with diseases.
Phenotyping, an integral part of PM, is aimed at translating the data generated at cellular and molecular levels into clinically relevant information. Precision Medicine Moves Care from Population-Based Protocols to Truly Individualized Medicine as President of the US announced the Precision Medicine Initiative in his 2022 State of the Union address. Under the initiative, medical care would transition from a one-size-fits-all approach to an individualized approach, in which data on each patient’s genomic makeup, environment, and lifestyle (the exposome) helps medical professionals tailor treatment and prevention strategies. To achieve the Precision Medicine Initiative mission statement, “to enable a new era of medicine through research, technology, and policies that empower patients, researchers, and providers to work together toward development of individualized care,” researchers and clinicians need vast and varied amounts of data and the technology to ensure that data is widely accessible and usable.
Hoffmann-La Roche, Eli Lilly and Company, NeoGenomics Laboratories, Novartis, Teva Pharmaceutical, Thermo Fisher Scientific, Quest Diagnostics, Abbott Laboratories, NanoString Technologies, and AstraZeneca are some of the prominent players operating in the global precision medicine market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
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Insights Presented in the Report
“Amongst Technology, Drug Discovery segment holds the major share”
Based on technology type, the market is fragmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. Drug discovery dominated the market with a share of 23.3% in 2019. Recent technological and analytical advances in genomics, have now it possible to rapidly identify and interpret the genetic variation underlying a single patient’s disease, thereby providing a window into patient-specific mechanisms that cause or contribute to disease, which could ultimately enable the ‘precise’ targeting of these mechanisms. Precision medicine can target several diseases.
“Amongst Disease Area, Oncology is expected to dominate the market during the analyzed period”
Based on the market segment by application type, the market is segmented into oncology, respiratory diseases, central nervous system disorders, immunology, genetic diseases, and others. With the advent of precision medicine, cancer treatment is moving from a paradigm in which treatment decision is primarily based on tumor location and histology followed by molecular information to a new paradigm whereby treatment decisions will be primarily based on molecular information followed by histology and tumor location. Oncology attained a maximum share of 54% in 2022.
“Amongst End-user, Pharmaceuticals is expected to dominate the market during the analyzed period”
Based on the market segment by end-user, the market is fragmented into hospitals & clinics, pharmaceuticals, diagnostic companies, Healthcare-IT firms, and others. The precision medicine suppliers that understand the technology and the goals of value-based healthcare can create value in the precision medicine value-chain by offering value-based solutions and platforms to interpret and connect data points. Pharmaceutical has dominated the market with a market share of 47% in 2022.
“United States represents one of the largest markets of Precision Medicine market”
For a better understanding on the market dynamics of the Precision Medicine market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and rest of the world has been conducted. United States generated revenue of US$ 17.9 billion in 2022. The United States has the largest market for Precision Medicine due to high awareness.
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Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• The report comprises of review on the precision medicine as a future in healthcare, its business model, and precision medicine in the COVID-19 management
• Deep dive regional level analysis of the industry
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